As Singaporeans, we may be doomed to never see the end of the Singaporean Fast Cash ads, or dragons forbid, those annoying “Would You Like To Date A Lonely (but rich) Singaporean” ads on the internet.
Apparently, we’re the prime bait in the eyes of scammers.
According to a HSBC report entitled “The Rise of Asian Wealth”, apparently 13% of Singaporean adults will be worth more than US$1 million (S$1.38 million) by 2030.
The future projection is quite impressive, since Singapore will become the leading country with the highest percentage of millionaires in the adult population worldwide.
We will probably keep our first-place title as the Most Overworked Country though, ugh.
The Wealth Statistics
In the HSBC report, an individual’s wealth is measured by their bank deposits, investments in bonds and equities, assets held by pension funds or insurance companies, and their real estate holdings after reducing any outstanding mortgage amount.
Since it is focused on Asian wealth, it compared 15 economies in the region, including China, India, Japan, Malaysia, Philippines, Taiwan, Singapore, and Vietnam.
Presently, Singapore ranks second highest (7.5%) in the number of millionaire adults based on the percentage share of the population, falling short of Australia (8%) and stripping ahead of Taiwan (5.9%).
It is predicted to rise to 9.8% in 2025 and reach 13.4% by the end of 2023.
Singapore is a small country though; this means that the number of millionaires in Singapore will increase from 400,000 to 700,000 by the turn of the decade.
Meanwhile, the US is estimated to have 8.8% of its adult population as millionaires and China is expected to be at 4.4% in 2030.
Although less than 1% of India are likely to become millionaires, its burgeoning population signifies that there will be 6.6 million millionaires in their midst.
In absolute numbers, China will maintain its position as the country with the greatest number of millionaires, as it will rise from 17 million in 2022 to 50 million by 2023.
Despite the economic instability that the Asia region is currently going through, it is important to keep an eye on Asia’s rising wealth as its pool of local savings is deepening.
These savings will provide a measure of protection against the vicissitudes of the global financial markets.
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Income Bracket of US$250,000
Even though only a proportion of the population will become millionaires, the proportion of residents who will come to possess at least US$250,000 in wealth is nothing to scoff at either.
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It is estimated that 67% of the adult population will have that sum of money at least, which is a 10% increase from 2021.
This would also make Singapore the second-highest city in the region of this net worth, falling behind Australia which stands at 70.8%.
For China, their numbers are expected to double to 350 million by 2030, while India could triple their numbers and reach 57 million.
The HSBC report notes that economies with rapid growth rates have the tendency to accumulate wealth faster.
For instance, Vietnam, the Philippines, and India will be doubling their numbers in terms of adults possessing at least US$250,000, while Indonesia and Malaysia will only be slightly behind them in wealth accumulation.
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It should be noted that the report does not fully reflect the circumstances of a country’s wealth distribution or their level of economic development.
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Featured Image: Shutterstock / Mama Belle and the kids
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